Mubasher: National Real Estate (NREC) achieved an increase of 10.6% in profits during the second quarter of 2019 compared to the corresponding three months last year.

Profits grew to KWD 3.05 million ($10.06 million) in Q2-19 from KWD 2.76 million ($9.10 million) in Q2-18, according to a bourse disclosure on Wednesday.

Total liabilities decreased by 16.2% to KWD 194.9 million when compared to Q2 of last year, while loans and borrowings decreased by 18.5%.

During the first six months ended 30 June 2019, NREC posted a year-on-year decrease of 8.2% in profits to KWD 6.67 million from KWD 7.27 million.

Operating revenues stood at KWD 8.5 million in H1-19, while NREC’s EBITDA amounted to KWD 11.8 million.

Total assets reached KWD 465.9 million by the end of June 2019, according to NREC’s official press release on Wednesday.

NREC’s vice chairman and CEO, Faisal Jamil Sultan Al Essa, commented, “In a year, the company’s debt was reduced palpably while operations performed better from our existing income-generating portfolio in Kuwait, Jordan, Libya, and Iraq, translating into our bottom line.”